Iranian steel billet export prices remained supported in the recently-concluded deals following the recovery in global scrap prices.
An Iranian mill concluded an export deal for 20,000 tonnes (t) of steel billets, sources informed SteelMint. The deal was concluded at around $520/t FOB and the shipment is scheduled for 10 August.
Meanwhile, another 20,000 t billet export deal was concluded at around $520/t FOB for mid-August shipment.
SteelMint’s latest assessment of Iran’s billet (3SP) export prices stood at around $510/t FOB on 12 July, up marginally by around $5/t w-o-w.
Domestic billet, rebar prices fall amid Eid holidays
Domestic billet and rebar prices witnessed a downward trend on muted activity amid the Eid holidays, sources told SteelMint.
Domestic billet trade on IME up w-o-w
Domestic billet sales on the Iran Mercantile Exchange (IME) rose by 24% w-o-w. Meanwhile, the average sales price increased marginally by 2% w-o-w.
Around 96,300 t of billets were traded on IME in the week under review at an average sales price of 139,661 Rial. Last week, about 77,820 t of billets were traded at an average sales price of 137,272 Rial.
Outlook
Amid power supply restrictions, Iran’s steel production is likely to remain restricted in the near term, affecting billet export allocations by steel mills. However, after the Iranian government announced ease in restrictions, mills were seen offering billets for exports quite actively. Also, with a recovery in global scrap prices, billet export prices may see some upward correction in the near term.
.jpg)
Leave a Reply